The two cable giants are officially set to merge into one massive technology and media company. Comcast and Time Warner Cable have announced a new deal that will effectively merge both companies through a stock-for-stock transaction. President and CEO Neil Smit will run the new cable company that will result from the merger.

Time Warner Cable and Comcast creates an exciting opportunity for our company, for our customers, and for our shareholders," said Brian L. Roberts, Chairman and Chief Executive Officer, Comcast Corporation. "This transaction will be accretive and will yield many synergies and benefits in the years ahead. Rob Marcus and his team have created a pure-play cable company that, combined with Comcast, has the foundation for future growth. We are looking forward to working with his team as we bring our companies together to deliver the most innovative products and services and a superior customer experience within the highly competitive and dynamic marketplace in which we operate."

Both companies now plan to combine their unique services and strategic geographic bases, taking advantage of Comcast features like Xfinity streaming, and Time Warner features like the company's unique "LookBack" option that lets viewers watch shows up to three days after they air without a DVR. In addition, the merger promises a "superior video experience, higher broadband speeds, and the fastest in-home Wi-Fi."

Through the merger, Comcast is estimated to net about 8 million current Time Warner subscribers, bringing the combined company's subscription total to 30 million. The deal is still subject to shareholder approval and regulatory review, but is expected to close by the end of the year.